SpaceX is set to go public in just over two weeks, targeting a valuation of $1.75 trillion, with speculation it may reach $2 trillion. However, analysts from Morningstar warn that the company could be significantly overvalued, estimating a more realistic valuation of around $780 billion, nearly 48% lower than its private market valuation. Concerns center on SpaceX's profitability, particularly after its merger with xAI, which has been financially burdensome. The company reported a net loss of $4 billion in the first quarter of 2025 and nearly $5 billion for the entire year. Despite these financial challenges, investor enthusiasm could buoy the stock price initially, especially with the potential for inclusion in the Nasdaq 100 Index shortly after the IPO. However, retail investors are advised to be cautious, with some even suggesting shorting the stock due to its perceived overvaluation. SpaceX's reliance on U.S. government contracts and its admission of a history of net losses further complicate its financial outlook.